WTI Crude Oil futures rallied as geopolitical developments continued to influence market sentiment. Traders assessed U.S. diplomatic efforts regarding nuclear negotiations involving Iran alongside the ongoing conflict in Ukraine. Despite concerns over a global supply glut, crude oil gained over 12% this year as regional tensions provided a floor for prices. Market participants anticipated a delay in reporting due to the U.S. holiday, with expectations for an 8.5 million barrel increase in inventories. In contrast, Natural Gas futures fell below $3 as mild weather forecasts for the eastern U.S. signaled lower demand for furnace fuels. Prices for March delivery reached their lowest levels since October, though traders remained alert for potential cold snaps later in the month that could impact gas inventories and demand.
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Learn more about trading futures and option at CME Group:
https://www.cmegroup.com/markets/energy.html
#energy #crudeoil #futures